Civitas Social Housing PLC GBP10.9million acquisition (6469W)
April 27 2021 - 01:00AM
UK Regulatory
TIDMCSH
RNS Number : 6469W
Civitas Social Housing PLC
27 April 2021
27 April 2021
CIVITAS SOCIAL HOUSING PLC
("Civitas" or the "Company")
GBP10.9m acquisition of supported living and care facilities in
South Wales
Civitas Social Housing PLC, the leading care-based housing and
healthcare REIT, is pleased to announce that the Company has
completed the acquisition of 15 supported living and care
facilities in South Wales for a total consideration of GBP10.9
million (excluding purchase costs).
The portfolio provides 51 beds and long-term support for
individuals with learning disabilities and mental health care needs
along with dedicated facilities to develop and enhance independent
living skills, such as cooking, numeracy and literacy.
The properties are subject to 25-year leases with Auckland Home
Solutions C.I.C. ("Auckland") with rents adjusted annually in line
with CPI over the full-term and are subject to a lower limit of
inflation of 0% per annum and a maximum indexation of 4% per annum.
Auckland is a counterparty to existing leases within the Company's
portfolio.
The properties are immediately income generating with an initial
net yield in line with the Company's present expectations and were
sourced by Civitas Investment Management Limited, the Company's
Investment Adviser.
The transaction represents the first to be financed with the
proceeds from the recently secured debt facility with M&G.
Civitas continues to focus on the acquisition of properties that
have been significantly adapted or purpose-built for the delivery
of mid to higher acuity care and has a significant pipeline of
similar opportunities which are progressing well.
Paul Bridge, CEO Social Housing, Civitas Investment Management,
said:
"We are delighted to complete this acquisition using proceeds
from our new debt facility and leveraging our unique relationships
within the sector to secure the purchase of these state-of-the-art
care facilities. These have been adapted on a bespoke basis to
enable individual vulnerable adults to live in a safe and secure
home whilst remaining part of their community. The acquisition will
extend the Company's geographic diversity whilst meeting the
ongoing key strategic objective of delivering sustainable returns
to shareholders and providing measurable social impact to
society."
ENDS
For further information, please contact:
Civitas Investment Management Limited
Paul Bridge Tel: +44 (0)20 3058 4844
Andrew Dawber Tel: +44 (0)20 3058 4846
Panmure Gordon
Sapna Shah Tel: +44 (0)20 7886 2783
Tom Scrivens Tel: +44 (0) 20 7886 2648
Liberum Capital Limited
Gillian Martin / Chris Clarke Tel: +44 (0) 20 3100 2222
Buchanan
Helen Tarbet / Henry Wilson Tel: +44 (0) 20 7466 5000
Hannah Ratcliff / George Beale civitas@buchanan.uk.com
Notes:
Civitas Social Housing PLC ("Civitas") was created in 2016 by
Civitas Investment Management Limited as the first dedicated London
listed REIT, to raise long-term, sustainable, institutional capital
to invest in care-based social homes across the UK. So far, Civitas
has completed more than 120 individual transactions to build the
largest portfolio of its kind that has been independently valued on
an IFRS basis at GBP901.1million (31 December 2020). Civitas now
provides homes for 4,346 working age adults with long-term care
needs, in 634 bespoke properties that are supported by 119
specialist care providers, 16 approved providers and working with
over 172 individual local authorities.
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END
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